NGE Capital Ltd (NGE) AI Stock Analysis

• Market Cap: N/A
• Dividend Yield: N/A
• Average Volume (3M): 10.11K
• Price to Earnings (P/E): 3.6
• Beta (1Y): 0.53
• Revenue Growth: -27.08%
• EPS Growth: -55.70%
• Country: AU
• Employees: 9
• Sector: Financial
• Sector Strength: 70
• Industry: Asset Management
• EPS (TTM): 0.21
• Shares Outstanding: 34,303,223
• 10 Day Avg. Volume: 4,056
• 30 Day Avg. Volume: 10,107
• PEG Ratio: 0.02
• Price to Book (P/B): 0.73
• Price to Sales (P/S): 46.67
• P/FCF Ratio: 16.21
• Enterprise Value/Market Cap: N/A
• Enterprise Value/Revenue: N/A
• Enterprise Value/Gross Profit: N/A
• Enterprise Value/Ebitda: N/A
• 1Y Price Target: N/A
• Price Target Upside: N/A
• Rating Consensus: N/A
• Number of Analyst Covering: 0
• EPS Forecast (FY): N/A
• Revenue Forecast (FY): N/A

• Rating: 68 Neutral
• Price Target: AU$1.50 ▲(20.00% Upside)
• Action: Reiterated Date: 02/27/26
• Date: Action: Reiterated 02/27/26

The score is primarily supported by a very strong, low-leverage balance sheet and an attractive low P/E valuation. Offsetting this, financial results have been inconsistent (sharp 2025 revenue decline and volatile cash flows), and technical signals are neutral with slightly negative momentum.

Positive Factors

Balance sheet strength

Very low leverage and effectively zero debt provide durable financial flexibility. With equity and assets grown over time and ROE strong in 2025 (~20%), the company can withstand downturns, fund opportunistic investments or returns to shareholders without relying on external financing.

High profitability in good years

When market conditions favor the business, NGE generates very high margins and solid earnings, demonstrating structural capability to convert revenue into profit. This margin potential supports capital accumulation and long-term returns when top-line stabilizes.

Recent positive free cash flow

Positive free cash flow in the last two years indicates the company can convert earnings into cash, reinforcing earnings quality and funding operations or distributions internally. This improves resilience and reduces reliance on external capital in the medium term.

Negative Factors

Revenue volatility and decline

A sharp ~67% revenue drop in 2025 and historically volatile top-line reduce predictability of earnings and cash flow. Sustained revenue instability undermines planning, makes sustaining margins harder, and raises execution risk for strategic initiatives over coming months.

Cash flow volatility historically

Historic swings to substantial negative operating and free cash flow in 2022–2023 highlight unstable cash generation. Intermittent negative cash could force asset sales, defer investments, or increase reliance on reserves, constraining strategic flexibility despite recent improvement.

Small scale and concentration

Very small headcount and concentrated investment-company structure limit diversification, scale and operational bandwidth. Limited resources can amplify single-event risk, reduce product breadth and hinder the ability to scale fee-generating activities or absorb adverse shocks.

NGE Capital Ltd Business Overview & Revenue Model

Company Description

NGE Capital Ltd (NGE) is an Australia-based investment company that primarily focuses on generating long-term capital growth and income for its shareholders. The company invests in a diversified portfolio of listed and unlisted securities, including equities, fixed income, and alternative assets across various sectors. NGE Capital aims to achieve superior returns through a disciplined investment approach and active management of its investment portfolio.

How the Company Makes Money

NGE Capital Ltd generates revenue primarily through capital appreciation and income from its investment portfolio. The company makes money by investing in a range of financial instruments, such as stocks, bonds, and alternative assets, and seeks to earn returns through dividends, interest, and capital gains. NGE Capital's revenue streams are influenced by the performance of the financial markets, asset allocation decisions, and the company's ability to identify and capitalize on investment opportunities. Additionally, the company may engage in partnerships or collaborations with other investment entities to enhance its earning potential, although specific partnerships are not publicly detailed. Overall, NGE Capital's earnings are closely tied to its investment strategy and market conditions.

NGE Capital Ltd Financial Statement Overview

Summary

Balance sheet strength is a major positive (minimal leverage, effectively no debt, solid equity growth, and strong ROE in 2025). However, operating performance is uneven: revenue contracted sharply in 2025 and both earnings and cash flows have shown meaningful volatility across years, including periods of negative cash flow.

Income Statement

Profitability is strong in the most recent year (2025) with very high margins and solid earnings, following a profitable 2023–2024 period. However, revenue is highly volatile and sharply contracted in 2025 (down ~67% year over year), and the company has shown meaningful variability across years (including losses in 2020 and 2022). Overall: strong profit generation when conditions are favorable, but uneven top-line trajectory increases risk.

Balance Sheet

The balance sheet is a key strength: debt is effectively zero in recent years and leverage is minimal throughout the period, providing high financial flexibility. Equity and assets have grown over time, and return on equity is strong in 2025 (about 20%) after being positive most years (with a dip into negative territory in 2022). Main drawback is that returns can swing materially year to year, reflecting earnings volatility rather than balance-sheet strain.

Cash Flow

Cash generation is mixed. Free cash flow is positive in 2024–2025 and closely tracks reported earnings, which supports earnings quality. That said, cash flow has been very volatile, including substantial negative operating/free cash flow in 2022–2023, and free cash flow fell sharply in 2025 versus 2024. Overall: good conversion in the latest two years, but stability is a concern.

Breakdown	Dec 2025	Dec 2024	Dec 2023	Dec 2022	Dec 2021
Income Statement
Total Revenue	933.00K	3.13M	4.18M	741.00K	693.00K
Gross Profit	876.00K	3.13M	4.18M	699.00K	637.00K
EBITDA	11.07M	2.15M	2.57M	-1.84M	6.95M
Net Income	12.02M	4.84M	8.89M	-1.91M	7.34M
Balance Sheet
Total Assets	61.30M	49.67M	45.45M	35.96M	38.46M
Cash, Cash Equivalents and Short-Term Investments	7.35M	46.29M	34.06M	12.18M	13.44M
Total Debt	0.00	0.00	0.00	25.00K	67.00K
Total Liabilities	1.46M	678.00K	890.00K	166.00K	694.00K
Stockholders Equity	59.84M	48.99M	44.56M	35.79M	37.76M
Cash Flow
Free Cash Flow	2.69M	2.04M	-7.96M	-1.87M	3.60M
Operating Cash Flow	2.69M	2.04M	-7.96M	-1.87M	3.60M
Investing Cash Flow	-4.00K	0.00	0.00	-2.00K	-3.00K
Financing Cash Flow	-1.16M	-417.00K	-155.00K	-97.00K	-722.00K

NGE Capital Ltd Technical Analysis

• Technical Analysis Sentiment: Neutral
• Last Price: 1.25
• 50DMA: Negative
• 100DMA: Positive
• 200DMA: Positive
• MACD: Positive
• RSI: Neutral
• STOCH: Neutral

Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For AU:NGE, the sentiment is Neutral. The current price of 1.25 is below the 20-day moving average (MA) of 1.37, below the 50-day MA of 1.35, and above the 200-day MA of 1.24, indicating a neutral trend. The MACD of >-0.01 indicates Positive momentum. The RSI at 46.18 is Neutral, neither overbought nor oversold. The STOCH value of 24.00 is Neutral, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Neutral sentiment for AU:NGE.

NGE Capital Ltd Peers Comparison

Name	Overall Rating	Market Cap	P/E Ratio	ROE	Dividend Yield	Revenue Growth	EPS Growth
MAM	72 Outperform	AU$65.32M	2.97	32.22%	6.39%	22.67%	19.47%
NGE	68 Neutral	―	3.62	9.48%	―	-27.08%	-55.70%
Sector *	68 Neutral	$18.00B	11.42	9.92%	3.81%	9.73%	1.22%
SB2	61 Neutral	AU$60.54M	19.67	3.57%	6.89%	30.36%	-31.47%
LCE	55 Neutral	AU$26.98M	38.35	2.17%	2.94%	38.32%	―
CIW	53 Neutral	AU$28.88M	46.88	2.42%	2.03%	18.17%	―

NGE Capital Ltd Corporate Events

NGE Capital Retains Key Buy-Back Terms as It Switches Broker

NGE Capital Limited has confirmed there are no changes to its existing on-market share buy-back program, which allows the company to repurchase up to 10% of its issued ordinary shares, or 3,430,322 shares, over a 12-month period to 29 August 2026. The company also retains the flexibility to suspend or terminate the buy-back at any time and continues to treat the program as of unlimited duration.

The only modification disclosed relates to the retirement of the existing broker and the appointment of a new broker, with Morgans Financial Limited and Canaccord Genuity (Australia) Limited now acting on the company’s behalf. This administrative change is not expected to alter the scale or terms of the buy-back, indicating that NGE Capital’s capital management strategy remains intact and providing continuity and clarity for shareholders monitoring the program’s execution.

The most recent analyst rating on (AU:NGE) stock is a Hold with a A$1.50 price target. To see the full list of analyst forecasts on NGE Capital Ltd stock, see the AU:NGE Stock Forecast page.

NGE Capital Lifts NTA in January and Realises Profits on Key Holdings

NGE Capital reported a solid uplift in its net tangible assets (NTA) over January 2026, with pre‑tax NTA per share rising to $1.710 from $1.618 in December and post‑tax NTA per share increasing to $1.822 from $1.742, implying a market capitalisation of $48.5 million at month‑end. The portfolio remains concentrated, led by positions in Yellow Cake, K92 Mining, MLG Oz, Carnarvon Energy and the Sprott Physical Uranium Trust, alongside a 12% net cash position, and is supported by approximately $15 million in Australian tax losses that translate into a potential $4 million future tax benefit already reflected in after‑tax NTA; management also locked in gains by trimming stakes in Metals X and Cash Converters during the month, underscoring an active capital management stance.

The most recent analyst rating on (AU:NGE) stock is a Hold with a A$1.50 price target. To see the full list of analyst forecasts on NGE Capital Ltd stock, see the AU:NGE Stock Forecast page.

NGE Capital Lifts NTA and Refines Portfolio with Strategic Moves in December

NGE Capital reported a solid uplift in performance for December 2025, with pre-tax NTA per share rising to $1.618 from $1.581 in November and delivering a 25.7% return year-to-date and over the last 12 months, translating to a market capitalisation of $43.4 million and cumulative returns of 217.3% since becoming a listed investment company in 2016. The portfolio remains diversified yet concentrated, led by positions in uranium, mining, energy, logistics, aviation and real estate names such as Yellow Cake, K92 Mining, Metals X and Industrial Logistics Properties, while the firm also highlighted approximately $18 million in unused tax losses representing a potential future tax benefit and disclosed recent portfolio activity, including a modest participation in Embark Early Education’s capital raising to support its takeover of Mayfield Childcare and a further trimming of its stake in Cash Converters, moves that refine its exposure and may enhance long-term tax and return efficiency for shareholders.

The most recent analyst rating on (AU:NGE) stock is a Hold with a A$1.50 price target. To see the full list of analyst forecasts on NGE Capital Ltd stock, see the AU:NGE Stock Forecast page.

NGE Capital Reports NTA Update and Strategic Portfolio Adjustments

NGE Capital Limited has reported its latest investment and NTA update, highlighting a decrease in NTA per share both before and after tax as of November 2025. The company has made notable portfolio changes, including trimming holdings in Cash Converters International and Pioneer Credit. A significant development is the sale of Northern Ocean Ltd.’s Deepsea Bollsta to Odfjell Drilling Ltd., which is expected to unlock value, reduce debt, and potentially lead to a capital return to shareholders. Despite a share price rally, Northern Ocean is still seen as undervalued, with potential for further strategic moves involving its remaining asset, Deepsea Mira.